{
  "title": "Mongolia: Fourth Review under the Stand-By Arrangement and Request for Modification of Performance Criteria",
  "publication": "IMF Staff Country Reports, March 29, 2010",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/mongolia-fourth-review-under-the-stand-by-arrangement-and-request-for-modification-of-23760",
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  "summary": "This paper discusses key findings of the Fourth Review Under the Stand-By Arrangement for Mongolia. All end-December performance criteria were met, and the indicative limit on the fiscal deficit was met with a comfortable margin.",
  "sections": [
    {
      "heading": "Executive findings",
      "content": "- All end-December performance criteria were met.\n- The indicative limit on the fiscal deficit was met with a comfortable margin.\n- Inflation, after falling rapidly into negative territory for the past few months, has swung upward and could reach 8 percent.\n- The flexible exchange rate regime continues to work well.\n- The central bank has intervened sparingly in recent months."
    },
    {
      "heading": "Macroeconomic outlook and risks",
      "content": "- Inflation trajectory: inflation reversed from rapid declines into negative territory and could reach 8 percent.\n- Exchange rate and reserves: the flexible exchange rate is functioning effectively; limited central bank intervention to date.\n- Fiscal stance: fiscal deficit remained within the indicative limit with a comfortable margin as of end-December."
    },
    {
      "heading": "Policy recommendations and priorities",
      "content": "- Contain inflation:\n  - Prioritize measures to stabilize and reduce upward inflationary pressures.\n- Maintain fiscal discipline:\n  - Continue adherence to fiscal limits and performance criteria to preserve macroeconomic stability.\n- Exchange rate management:\n  - Maintain the flexible exchange rate regime that is performing well and limit intervention to necessary circumstances."
    },
    {
      "heading": "Subjects emphasized",
      "content": "- Bank deposits; Bank resolution; Banking; Central banks; Credit; Exchange rates; Financial crises; Foreign exchange; International reserves; Monetary base; Money.\n\nSource: Mongolia: Fourth Review under the Stand-By Arrangement and Request for Modification of Performance Criteria, March 29, 2010.\n\n---\n\n Content in this bundle\n\n- cr1084\n  - cr1084 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr1084 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Authors: Arrangement, Request",
    "Published: March 29, 2010",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781455203253.002",
    "All end-December performance criteria were met.",
    "The indicative limit on the fiscal deficit was met with a comfortable margin.",
    "Inflation, after falling rapidly into negative territory for the past few months, has swung upward and could reach 8 percent.",
    "The flexible exchange rate regime continues to work well.",
    "The central bank has intervened sparingly in recent months.",
    "Inflation trajectory: inflation reversed from rapid declines into negative territory and could reach 8 percent.",
    "Exchange rate and reserves: the flexible exchange rate is functioning effectively; limited central bank intervention to date.",
    "Fiscal stance: fiscal deficit remained within the indicative limit with a comfortable margin as of end-December.",
    "Contain inflation:",
    "Maintain fiscal discipline:",
    "Exchange rate management:",
    "**_cr1084**"
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